In the past month, Ethereum (ETH) surged from $2,100 to $3,000. During this wave of increase, U.S. companies and mining firms announced the purchase of ETH as their "strategic reserve," with some mining companies even selling all their BTC to cash in on ETH.

According to statistics, companies holding Ethereum as a strategic reserve purchased over 545,000 ETH in the past month, with a total value exceeding $1.6 billion.

SharpLink (SBET), as the first company to use ETH as a strategic reserve, saw its stock price soar from $3 to over $100 after announcing its purchase of ETH, only to fall back to single digits, facing criticism from the market. Currently, its stock price has risen again to over $20.

Recently, SBET made a significant purchase of nearly 50,000 ETH within just five days, bringing its total ETH holdings to surpass that of the Ethereum Foundation.

Additionally, SBET has staked part of its ETH holdings on-chain to earn staking rewards. As of July 8, its staking position has earned 322 ETH.

Currently, there are five U.S. companies that use ETH as a "strategic reserve":

· SharpLink Gaming (SBET)

· BitMine Immersion Technologies (BMNR)

· Bit Digital (BTBT)

· Blockchain Technology Consensus Solutions (BTCS)

· GameSquare (GAME)

The ETH holdings of each company are as follows:

mNAV is the ratio of market capitalization to net asset value (NAV), calculated as follows:

The mNAV of Ethereum strategic reserve companies is primarily estimated based on their "total market capitalization" / "total value of held ETH."

Is the market experiencing FOMO?

The mNAV data represents the disconnection between a company's market value and its assets, reflecting the market's emotional premium for a particular concept or stock. A higher mNAV often indicates stronger speculative sentiment in the market, while a lower mNAV suggests that investors are in a relatively rational state regarding a particular concept or stock.

Looking at the premium rates of BTC strategic reserve companies, as of May 2025, MicroStrategy (MSTR) had a market value approximately 1.78 times its Bitcoin net asset value (mNAV), with its mNAV fluctuating between 1 and 4.5 from August 2022 to August 2024.

The mNAV curve of MSTR reflects how market sentiment in the crypto space influences the valuation of such companies.

Its peak, such as 4.5 times, typically occurs during BTC bull market cycles and when MSTR significantly increases its BTC holdings, indicating strong investor enthusiasm. Conversely, the drop to a low of 1 corresponds to bear markets and consolidation periods in the crypto market, showing that investors are unwilling to pay an emotional premium.

An mNAV in the range of 2-2.5 indicates relatively neutral investment sentiment and premium.

Using this standard to evaluate these five Ethereum strategic reserve companies: SBET and BTCS are currently within this range, while BMNR and BTBT have slightly higher mNAVs.

It is important to note that BMNR and BTBT were originally mining companies and may still hold other assets besides ETH, the value of which has not yet been accounted for.

Overall, the current valuation of Ethereum strategic reserve stocks remains in a relatively rational range, and market enthusiasm has not yet reached FOMO levels.

If Ethereum rises to $5,000, how many times can these companies multiply?

If the price of ETH continues to rise to $5,000 in the coming months, assuming these companies maintain their total ETH holdings and do not issue new shares for fundraising, estimating based on a relatively rational premium (mNAV = 2), the stock prices and potential increases would be:

Investors should note that mNAV = 2 is a relatively neutral premium rate. If ETH does rise to $5,000, the market may be willing to pay a higher emotional premium for these ETH strategic reserve companies.

Additionally, during this period, the ETH staked by these companies will also generate income, increasing their total ETH holdings.

Ethereum value discovery? Why has it suddenly become a favorite among institutions?

When these companies holding Ethereum as a strategic reserve discuss why they chose ETH, they mainly mention three reasons:

· The success of BTC reserve companies like MSTR

· The staking rewards of ETH

· The potential of ETH in narratives related to stablecoins and RWA.

Sam Tabar, CEO of Bit Digital, is very optimistic about replicating MSTR's model for ETH and is confident that ETH will rise to $10,000:

"Establishing an Ethereum reserve is just the beginning. This is just a warm-up. Think about how Saylor cycles his stock to acquire BTC, and then BTC keeps rising, enabling him to repeat the whole process."

Primitive Ventures emphasized the potential of ETH staking rewards in their rationale for betting on SBET:

"ETH has a natural yield-generating capability in staking and the DeFi ecosystem, making it a truly productive asset, while Bitcoin lacks such mechanisms. SBET is expected to directly leverage ETH's on-chain mechanisms for compound growth, delivering real and quantifiable returns to shareholders."

The CEO of Bitmine Immersion Technologies is more optimistic about ETH's potential in RWA and TradFi narratives, stating in an interview:

"In my view, Ethereum is attractive because it is the first layer blockchain for the tokenization of real-world assets. As more and more things in the financial world and the real world are tokenized, financial institutions like Goldman Sachs, JPMorgan, and companies like Amazon and Walmart will want to stake Ethereum itself, just as they do with stablecoins. We are doing what these enterprises will do in the future."

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